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Old 10-08-2011, 10:56 PM
 
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We are a family of 2 (and a dog) looking to move very shortly. I had this question pop into my head today...

If you had your way - how much would you have to make YEARLY (with your current situation, current debt, current financial responsibilities) if you were to live comfortably in the Southlake-Colleyville area? If possible, could you elaborate as to why that salary?

Last edited by pinipig523; 10-08-2011 at 11:07 PM..
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Old 10-08-2011, 10:57 PM
 
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Quote:
Originally Posted by pinipig523 View Post
How much money does a family of 2 (and a dog) need to make per year to have a very comfortable standard of living in DFW? Say, the Southlake-Colleyville area?
$150K min for those towns. But there can be alot of variables here.
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Old 10-08-2011, 11:42 PM
 
Location: Fort Worth, north TX
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I know the average family income in that area is a lot less than the amount I'm going to throw out, but I wouldn't live there unless I was making at least $250k a year, given my current circumstances. My reason being the cost of a decent home is at least $500k. I wouldn't feel comfortable taking on a mortgage that is more than twice my annual salary. YMMV, obviously depending on how much you have as a down payment.
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Old 10-09-2011, 12:02 AM
 
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So we have 150K and we have 250K. That's a large gap.

Last edited by pinipig523; 10-09-2011 at 12:12 AM..
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Old 10-09-2011, 06:34 AM
 
Location: Fort Worth, north TX
426 posts, read 942,580 times
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Quote:
Originally Posted by pinipig523 View Post
So we have 150K and we have 250K. That's a large gap.
Yes, it is a large gap, but I came up with my figure based on this:
Quote:
(with your current situation, current debt, current financial responsibilities)
in your original post.

With my current situation, and current responsibilities, I don't have $500k for a downpayment on a house. I don't have $250k for a downpayment. So, to service a $500k+ mortgage, I wouldn't feel comfortable financially unless I was making $250k a year. Someone who is in the situation to pay cash for a house, or has a large downpayment, or is less conservative than me, might feel comfortable making just $150k a year, because they either need a smaller mortgage, or feel comfortable with borrowing more than 2x their annual salary to buy a house.

As I said in my post above, YMMV
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Old 10-09-2011, 07:36 AM
 
Location: Blah
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If we sold our home and did away with our Dallas Apartment, we could easily live off 100-150 in South Lake...seriously thought about it.
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Old 10-09-2011, 07:50 AM
 
Location: Fort Worth, north TX
426 posts, read 942,580 times
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Originally Posted by SVTRay View Post
If we sold our home and did away with our Dallas Apartment, we could easily live off 100-150 in South Lake...seriously thought about it.
Yep, if I didn't need a mortgage to buy a place in Southlake, I could easily live in Southlake on my current salary, if it was just my husband and I, and our dog. But, our family isn't just 2 people and a dog (like the OP), and we don't have enough equity in our current house to be able to sell it to cover the cost of buying a house in Southlake.
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Old 10-09-2011, 08:00 AM
 
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I would agree with the $250k suggestion. I know what we make and how much my mortgage is and what things look like each month. I think you would likely have a $500k home and unless you have a big down payment, that is a healthy monthly mortgage. Add on taxes, living expenses, etc and it easily creeps up. I also think that Southlake/etc. come with an expectation (percieved or not) that you will also have nice cars, go out a lot, etc. It all adds up.
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Old 10-09-2011, 08:10 AM
 
Location: Kaufman County, Texas
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If you're looking to get into this part of the metroplex, there's a nice little town in between Southlake and Colleyville that has homes in just about all price ranges and also has some apartments. (Southlake and Colleyville do not have apartments.) You can find small homes there that would be just the right size for a family of 2 and a dog. The town also has very low property taxes, and since this town is so close to the other two towns, you can shop/eat/play in Southlake.

The town I'm speaking of is Grapevine.
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Old 10-09-2011, 08:19 AM
 
Location: Fort Worth, north TX
426 posts, read 942,580 times
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Quote:
Originally Posted by ChristieP View Post
The town also has very low property taxes, and since this town is so close to the other two towns, you can shop/eat/play in Southlake.

The town I'm speaking of is Grapevine.
I love Grapevine - I don't live there, because I work on the other side of Southlake, but I agree that it a nice little town, and I love to shop there, too. I also love to shop/eat/play in Southlake, which is why I like where I live - I get those advantages of Southlake, without the big mortgage, and the expectations of keeping up with the Jones'...

You're right - Southlake doesn't have apartments, but if you're on a real tight budget, there is a trailer park in Southlake...
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